Ceat Ltd. Ready For Another Bull Rally, Probably

Hola Amigos!

I have been tracking Ceat Ltd. from the past few days and realized that the script is probably preparing for another bull rally.

Reason 1 - On the weekly time frame, the price action shows that the script is trying to test for a change-in-polarity for a 5 year old resistance between the range 1249-1336 and it seems that the price zone is now a house-of-bulls.

Reason 2 - The script is also hovering at its previous pivot high made in the first week of November 2020 and it appears that a reversal is likely to come(An ideal LTRP trade possible)

Reason 3 - Last week, the indicators turned green for the script as the elevated volumes points towards commencement of a new trend(bullish). The RSI took support along the 30 levels and MACD gave a golden crossover.

Reason 4 - The delivery quantity of CEAT and the traded quantity increased last week, inferring to a bear-bull tussle and a probable win of bulls over the pivot levels of 1250-1300.

Crucial Support Range - 1250-1330

Crucial Resistance levels - 1430-1450; 1500-1525 and 1600-1625

NOTE - The analysis has been shared solely for education purpose, people are requested to take trade decisions after doing their own research.